Salesforce surveyed more than 2,000 small business owners and leaders across the globe to discover the global trends affecting small businesses. The results are in the latest Small & Medium Business Trends Report.
Here are a few key findings in the report.
More millennial and Gen Zer entrepreneurs start a business as a side hustle
Compared to baby boomers/traditionalists, millennials and Gen Zers are 188% more likely to start a side business while still having their traditional jobs. Millennials and Gen Zers are also 48% more likely, compared to baby boomers/ traditionalists to say they started their business because they had an idea they were passionate about bringing to the marketplace.
Self-discipline is the top characteristic of an entrepreneurial mindset
Small business leaders say the most necessary quality to possess is self-discipline to pursue the business through good times and bad. The next two desirable characteristics for small business owners are communication/people skills and personal passion and drive.
Price is not the top deciding factor in evaluating new technology
Technologies that are easy-to-use and are from trustworthy vendors are the two top considerations of business owners in evaluating new technology.Price matters but it is only the third important factor.
CRM is the top small business tech priority
Customer relationship management (CRM) systems are the top technology priority for close to a third of small businesses, followed by financial software and hardware. 45% of all SMB leaders use a CRM system.
AI is in place for big growth in small business
Almost half (46%) of SMB leaders believe their businesses are ready to use AI. An additional 32% of small businesses have plans to implement AI, representing a potential growth rate of 310% over the next three years.
There is more information in the report which interested business owners can